At the beginning of the year, Marine Shipping Ltd., a company that has a perpetual inventory system, had $51,700 of inventory. During the year, inventory costing $206,800 was purchased. Of this, $24,300 was returned to the supplier and a 5% discount was taken on the remainder. Freight costs incurred by the company for inventory purchases amounted to $2,510. The cost of goods sold during the year was $205,200. Determine the balance in the Inventory account at the end of the year. (Do not use $ signs or commas in your answer. Do not round intermediary calculations. Only round final answers to 2 decimal places ex: 5.25)

At the beginning of the year, Marine Shipping Ltd., a company that has a perpetual inventory system, had $51,700 of inventory. During the year, inventory costing $206,800 was purchased. Of this, $24,300 was returned to the supplier and a 5% discount was taken on the remainder. Freight costs incurred by the company for inventory purchases amounted to $2,510. The cost of goods sold during the year was $205,200. Determine the balance in the Inventory account at the end of the year. (Do not use $ signs or commas in your answer. Do not round intermediary calculations. Only round final answers to 2 decimal places ex: 5.25)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

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